Steel stocks are getting whacked on optimism for US-EU trade

28 July, 2018, 14:03 | Author: Sally Reid

US President Donald Trump has reached an agreement with European Commission President Jean-Claude Juncker aimed at averting a transatlantic trade war, easing tensions stoked by Mr Trump's threat to impose tariffs on vehicle imports. Those affected economies have in turn targeted US agricultural products, including soybeans, dairy, meat, produce and liquor.

But he said reaching a detailed trade agreement with the European Union would probably prove hard. He hailed "a new phase" of trade relations.

Trump told CNBC on Friday he was ready to impose tariffs on all US$500 billion (RM2.03 trillion) of imported goods from China, threatening to escalate a clash over trade policy that has unnerved financial markets. But we have to do it.

Chinese importers also bought 80 percent more U.S. cotton, 30 percent more electric vehicles, 25 times more in lemons and limes, 15 times as many American clams, and more than five times as much whisky, the data show.

On Wednesday, the tone was conciliatory.

The Trump administration readied a plan Tuesday to send billions in emergency aid to farmers who have been caught in the crossfire of President Donald Trump's trade disputes with China and other US trading partners.

Trump tells workers gathered at U.S. Steel's Granite City Works' Steel Coil Warehouse that other countries were able to target U.S. workers and companies and steal U.S. intellectual property. "We have some tariffs that are retaliatory and that will get resolved as part of what we're doing".

G20 ministers call for greater dialogue on trade tensions

"We had a big day, very big", Trump said at a joint statement with Juncker at the White House Wednesday.

"We have to work together". That was my main intention to propose to come down to zero tariffs on industrial goods.

Agriculture Secretary Sonny Perdue said Tuesday the emergency aid package will use existing funding to mitigate the estimated $11 billion impact of "illegal tariffs" other countries have imposed on United States agriculture exports.

While the USA claims the retaliation was "illegal", the Trump administration has acknowledged it is doing damage to American farmers and announced Tuesday it will provide up to $12 billion in aid to farmers hurt by trade tariffs.

Trump has placed tariffs on imported steel and aluminum, saying they pose a threat to USA national security, an argument that allies such as the European Union and Canada reject.

USA and European Union have been in loggerheads over trade after U.S. announced tariffs on steel and aluminum in March, provoking a response from Brussels after they were introduced later. He has also threatened to slap tariffs on imported cars, trucks and auto parts, potentially targeting imports that totalled 335 billion dollars (£255 billion) a year ago.

"We also will resolve the steel and aluminum tariff issues, and we will resolve the retaliatory tariffs". He says, "We are once again pouring new American steel into the spine of our country". But the proposal was quickly greeted Tuesday with continued criticism from Republicans on Capitol Hill who argued Trump should nix his tariff strategy rather than roll out a financial backstop.

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Putin said on Friday that he has already invited Trump to Moscow, and that he is "ready to come to Washington" to meet with Trump. Putin said Friday, "I understand very well what President Trump said: He has the wish to conduct further meetings".

British sprinters Dan McLay (EF-Drapac), Ben Swift (UAE Team Emirates) and Chris Lawless ( Team Sky ) will also race. But his day went from bad to worse when he was making his way back down from the summit finish of the Col du Portet.

Trump denies the affair ever happened and his campaign had said he knew nothing about the payment. "What he's saying about Mr. Michael Cohen's lawyer, Lanny Davis , released the secret recording to CNN .

State Governor Jerry Brown has declared a state of emergency in the area as firefighters work to contain the flames. The tragic result of this explosion was the death of a bulldozer operator who was battling the blaze.

The rampage came just three months after a van struck and killed 10 people in Toronto in an apparent attack directed toward women. Hussain fired multiple shots along the Danforth on Sunday night, killing 18-year-old Reese Fallon as well as a 10-year-old girl.

On 30 May, a day after ABC had cancelled the show, Barr claimed that she had taken the drug Ambien before she sent the tweets. Roseanne apologised some more , explaining how she couldn't believe the tweet had been flagged up for racism.

In March - just three months before releasing " Sober " - Lovato revealed that she had celebrated six years of sobriety. Former Fifth Harmony member Camilla Cabello tweeted: "You're in my thoughts @ ddlovato , sending you love".

Industry groups that represent agriculture, as well as politicians from agricultural states, have criticised the tariffs. He defended his trade policy on Twitter on Tuesday. "Tariffs are the greatest!" the president wrote on Twitter .

He pointed out that the moon's appearance greatly depended on atmospheric conditions around the Earth at the time of the eclipse. Special arrangements have also been made at the Lifelong Learning Institute for seeing the lunar eclipse and Mars opposition.

More than 19 million new voters, including millions of women and young people, may prove decisive in the close race. The campaign has been surrounded by concerns the military had been meddling in the election to favour Mr Khan.

Its activation came after Israel on two separate occasions this month fired Patriot missiles at incoming drones from Syria. Foreign minister Heiko Maas was quoted as saying that "the efforts of the White Helmets deserve admiration and respect".

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